History of West Bay Drive Community Redevelopment District

Recognizing the importance of a vibrant downtown, the City
of Largo designated the West Bay Drive area a CRD in 1997. The original
West Bay Drive CRD Plan that was enacted in 1997 was updated in 2010 to reflect a more urban vision from the community
and City Commission.

The West Bay Drive Plan addresses the special assets, character and identity that make Largo unique while seeking to create a mixed-use urban environment. The Plan reflects the community's desire to regenerate the traditional downtown and make it the center and heart of the city. Here is the entire 2009
West Bay Drive Community Redevelopment District (WBD-CRD) Plan.

The West Bay Drive Plan has four Character Districts below is a description of each along with the General Design Standards:

Click here to download a general brochure with more information about the West Bay Drive Community Redevelopment District.

Tax Increment Financing

Tax increment financing (TIF) is a unique tool available
to cities and counties for redevelopment activities. The dollar value of
all real property in the Community Redevelopment Area is determined as
of a fixed date, also known as the "frozen value." Taxing authorities,
which contribute to the tax increment, continue to receive property tax
revenues based on the frozen value. These frozen value revenues are
available for general government purposes. However, any tax revenues
from increases in real property value, referred to as "increment," are
deposited into the Community Redevelopment Agency Trust Fund and
dedicated to the redevelopment area.

The West Bay Drive Community Redevelopment District is fortunate to have a "TIF" to provide an opportunity for redevelopment in the District.

Community Redevelopment Agency

The activities and programs
offered within a Community Redevelopment Area are administered by the
Community Redevelopment Agency. A CRA "Board" created by the local
government directs the agency. The Board can be comprised of local
government officials and or other individuals appointed by the local
government. Although one local government may establish multiple CRA
districts, there generally may be only one CRA Board. Each district
must maintain separate trust funds, and expend those funds only in that
district.

CRA
Boards do not establish policy for a city or county - they develop and
administer a plan to implement that policy. The CRA acts officially as a
body distinct and separate from the governing body, even when it is the
same group of people. The CRA has certain powers that the city or
county by itself may not do, such as establish tax increment financing,
and leverage local public funds with private dollars to make
redevelopment happen.

On an annual basis the Community Redevelopment Agency must provide to the State and local government agencies an overview of the year. Below are links to download the most recent Agency Annual Reports.